Karachi, Aug 19: Gross home remittances rose to $307.4 million in July 2002 up from $ 84.7 million in July 2001.

The amount includes cash flows; encashment of foreign exchange bearer certificates and foreign currency bearer certificates; Hajj remittances and remittances from Iraq-Kuwait war affectees.

The State Bank said in a statement on Monday that out of the total $307.4 million remittances received in July $305.4 million was sent back home by overseas Pakistanis working abroad. In July 2001 workers remittances totalled $84.7 million.

Senior bankers link the phenomenal rise in home remittances through official channels to the fact that the gap between the official and open market exchange rates was almost negligible in July. Rather the dollar was a bit dearer at times in the kerb market. This provided an incentive to overseas Pakistanis to channelize their remittances through the banks.

Besides the golden and silver cards scheme initiated by the government for those sending money back home through official channels also helped raise the remittances level.

Money changers say one of the reason for the levelling out of official and kerb market exchange rates was that the State Bank stopped dollar buying from money changers from July this year.

In fiscal July/June 2001/02, gross home remittances totalled around $2.39 billion up from about $1.09 billion a year earlier.